11th Aug 2022 15:46
Revolution Beauty Group PLC - AIM-listed beauty products retailer - Will now report its final results for the financial year ended February 28 on August 30, as it needs further time to complete the audit. Says auditors have raised "certain accounting issues" that could have a "material impact" on the results for the year that the company has previously communicated. "In the event that material adjustments are required, the group profitability for FY22 could be materially reduced across a number of potential adjustments including stock and bad debt provisioning and revenue recognition. Once these issues have been fully resolved and agreed between the auditors and management a further announcement will be made," the firm says.
Notes it will not impact the net debt position of GBP21.2 million as of July 31, nor guidance for the current financial year as communicated last Tuesday. On Tuesday firm said it expected a low-single-digit rise in revenue for its first half, and a small adjusted loss before interest, tax, depreciation and amortisation. For the full year, it expects net sales between GBP215 million and GBP225 million, and adjusted Ebitda between GBP18 million and GBP20 million.
Current stock price: 11.00 pence, down 35% on Thursday in London
12-month change: down 93%
By Elizabeth Winter; [email protected]
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